Gloucester Engineering Europe (Vienna / Austria), the European subsidiary of US film extrusion specialist Gloucester Engineering (GEC, Gloucester, Massachusetts; www.gloucesterengineering.com), which was shut down in March 2010 due to insolvency (see Plasteurope.com of 30.06.2010), has emerged from bankruptcy and has returned to the control of its parent company.

The decision follows the approval by an Austrian bankruptcy court in Vienna of GEC’s proposed settlement with its creditors and the dismissal of an attempt by film winder manufacturer Swiss Winding Invention, which was not a party to the bankruptcy proceedings, to block the settlement offer and acquire the intellectual property rights of the company. Carl Johnson, president of GEC, said: “We are very pleased with this ruling, as it allows us to move forward with our European subsidiary as one unified company.” In the US, GEC filed for voluntary reorganisation under US Chapter 11 bankruptcy proceedings in June 2010 and filed its plan of reorganisation in September. The plan is sponsored by an affiliate of private equity investor Blue Wolf Capital Fund II (New York, New York / USA; www.blue-wolf.com) and is subject to approval by the bankruptcy court.